3 Reasons Why the Elderly Are Targeted for Fraud
Consumer fraud is an issue that affects all Americans, but no demographic is targeted more than the elderly (60 and over). According to AARP, more than $3 billion is swindled from older adults each year through exploitation calls, scams, and financial fraud. With such a significant number of funds stolen from the elderly, one has to wonder why they are the primary targets for fraudsters.
The answer lies in the perception many con artists have of older individuals. There are three key generalizations of senior citizens that fraudsters assume to be true which influence their decision-making.
Easy to Confuse
The primary assumption is that the elderly are easy to confuse and therefore more susceptible to falling for the claims presented to them. The scammer believes that the longer they can keep older individuals on the phone, the higher their chances are of getting them to pay. They use tactics like talking in circles or using confusing language to perplex the unsuspecting individual and get them to transfer funds or approve purchases.
Another reason why crooks focus their attention on senior citizens is that they believe that they are more trusting than the average person. They assume that the elderly are less likely to question the intentions of a stranger and would engage in conversation before speculating. With many fraudsters having the personal information of the person they are contacting, they build trust by referring to them by name and using that established trust to swindle them out of hundreds — even thousands — of dollars.
Will Not Report Crime
Even after the transaction occurs and the person realizes that they have been the victim of fraud, scammers are comfortable believing that the elderly will not report the crime. Some victims are embarrassed that they fell for such a scam while others fear that relatives will deem them unfit to manage finances.
Even if they do decide to report the incident, fraudsters are aware of the effects old age has on memory. They assume it will likely take the afflicted party weeks or even months to realize what occurred and then maybe another few weeks for them to report the incident. By that time, their memory of what happened has faded, which makes it difficult to file a detailed police report.
If you ever find yourself on the receiving end of an unwanted collection call, hang up and dial 1-(844)-JIBRAEL. TCPA law protects you from invasive calls and has regulations in place that can help you receive $500 to $1500 per call. Don’t let fraudsters swindle you out of your hard-earned money with their shady tactics. Contact The Law Offices of Jibrael S. Hindi to speak with a Florida TCPA attorney today. You don’t pay a dime until Jibrael wins for you!